Japan Stocks: Noritake, NSK, OSG, Sankyo-Tateyama, Tokyo Steel
Japan’s Nikkei 225 (NKY) Stock Average rose 83.19, or 0.9 percent, to 9,661.50 as of 9:30 a.m. in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Nippon Steel Corp. (5401) (5401 JT) advanced 2.4 percent to 254 yen. Nippon Steel and Nissan Motor Co. (7201 JT) agreed to a 15 percent increase in the price of steel sheet, the Nikkei newspaper reported. Talks with Toyota Motor Corp. (7203) (7203 JT) are in progress, according to the report. Nissan fell 0.1 percent to 844 yen. Toyota rose 0.8 percent to 3,235 yen.
Noritake Co. (5331 JT), a ceramic tableware maker, gained 2.9 percent to 316 yen. The company said it will book a one-time gain of 2.78 billion yen from the sale of land. The company doubled its full-year net income outlook to 5 billion yen from the land sale.
NSK Ltd. (6471) (6471 JT), a bearing maker, climbed 2.5 percent to 790 yen. The company forecast net income will rise 19 percent to 31 billion yen for this fiscal year on higher sales.
OSG Corp. (6136) (6136 JT), a machine-tool maker, increased 3.5 percent to 1,108 yen. The company said that net income in the six months ended May 31 may be 2.5 billion yen, 19 percent more than an earlier estimate, on overseas demand.
Sankyo-Tateyama Holdings Inc. (3432) (3432 JT), a maker of aluminum mesh used in construction, soared 8.9 percent to 122 yen. The company forecast net income will reach 600 million yen in the 12 months ended May 31, triple an earlier of estimate 200 million yen.
Sumitomo Metal Industries Ltd. (5405) (5405 JT), Japan’s sole producer of railway wheels and axles, gained 2.9 percent to 179 yen. Sumitomo Metal and Sumitomo Corp. (8053) (8053 JT) will spend $340 million to buy Steel Wheel Acquisition Corp. to speed up overseas expansion. The companies plan to complete the purchase of Steel Wheel, the parent company of Pittsburgh-based Standard Steel Inc., by the end of this year, they said in a joint statement. Sumitomo rose 1.1 percent to 1,066 yen.
Sumitomo Precision Products Co. (6355 JT), an aerospace products maker, plunged 18 percent to 621 yen, set for the biggest drop since October 1987. The company will sell two subsidiaries for $156.6 million to Sapphire Bidco Ltd., majority-owned by Bridgepoint Capital Ltd. (3416Z LN). The company cut its full-year operating profit outlook 37 percent to 3.35 billion yen.
Tokyo Steel Manufacturing Co. (5423 JT), a maker of electric furnace steel, climbed 4.5 percent to 832 yen. Goldman Sachs Group Inc. boosted its investment rating on Tokyo Steel to “buy” from “neutral,” citing a recovery in the Japanese steel industry.
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